Become a Mortgage Loan Originator
With A NJ MLO License

An MLO license is a Mortgage Loan Originator license. The license is issued by the New Jersey Department of Banking and Insurance. It authorizes a compensated individual to take residential mortgage loan applications and negotiate the terms of residential mortgage loans secured by properties located within the state of New Jersey.

Several New Jersey MLO license requirements must be met before obtaining a license. 

• Complete the 20 Hour SAFE Comprehensive course which includes 4 hours of NJ content.
• Sit for the National Mortgage Loan Originator test and pass the exam.
• Pay the required license fees through the Nationwide Multistate Licensing Service (NMLS). Attach the application with details of residency and employment history. 
• Complete fingerprinting to clear criminal background checks by the state and federal agencies.
• Submit a credit report that proves you can take financial responsibility.
• Be covered under an employer’s lending bond or obtain an individual surety bond.

The New Jersey New Jersey Department of Banking and Insurance issues an MLO license in New Jersey after these conditions are met.

The New Jersey Department of Banking and Insurance charges a license application fee of $150. Additional fees paid through NMLS regardless of license issuer are $36.25 for a FBI criminal background check, NMLS processing fee of $30, and $15 credit report charge. Identgo, a private company, conducts the NJ State Criminal Background check at an additional cost.

There is also the cost of completing an MLO license course in New Jersey. The NJ MLO pre-licensing courses are offered by RealEstateU for $199. If you complete the national and state course and want us to forward the results to NMLS there is a $40 charge.

After completing the NMLS MLO pre-licensing course, you must pay $110 to take the National MLO SAFE test.

The total New Jersey MLO license cost works out to $580.25 plus approximately $50 for the Identgo NJ background check.

Several factors determine the time it takes to get an MLO license in New Jersey.

• It takes about two weeks to obtain a unique identification number from NMLS. This period includes time taken for documentation and background checks. 
• The pre-license coursework is 20 hours and this will take 14 days to complete, even if you study at your preferred pace. 
• Schedule and pass the SAFE ACT MLO test.
• Go through the checklist of requirements for new applications located here: https://mortgage.nationwidelicensingsystem.org/slr/sitepages/checklist-compiler.aspx
• Next, the New Jersey Department of Banking and Insurance will review your application and the time for it depends on the number of pending new applications. Typically, the time taken at this stage is thirty to sixty days.

Hence, get an MLO license in New Jersey in 2 to 4 months after all the variables given above are considered

The New Jersey MLO license education requirement consists of 24 hours of coursework. This includes the National 20-hour SAFE Comprehensive course and the 4-hour New Jersey course.

Check out the RealEstateU MLO license course in New Jersey by scrolling up to the course packages on this page.

If you act as a mortgage loan originator for pay or other compensation on behalf of a non-depository lender offering residential mortgage loans secured by real estate located in the state of New Jersey, you are required to obtain a New Jersey Mortgage Loan Originator (MLO) license. Acting as a mortgage loan originator means taking residential mortgage loan applications and/or negotiating the terms of residential mortgage loans.

Yes. The National 20-hour SAFE Comprehensive course can be taken online as an instructor-led course that is taken over a 14-day period. The 4-hour New Jersey Laws can be taken online as a self-study course.

After completing the RealEstateU pre-licensing coursework, you can apply online for an MLO license through the NMLS. However, you must go to an in-person center to submit your fingerprints and sit for the MLO SAFE ACT test.

An individual who has a New Jersey Mortgage Loan Originator license can negotiate residential mortgage loan terms and take residential mortgage loan applications that have as security or collateral residential real estate located in New Jersey. In addition to “Mortgage Loan Originator”, some companies have titles such as “Loan Consultant,” “Mortgage Loan Officer,” or simply “Loan Officer" that apply to individuals filing these roles.

Generally, Mortgage Loan Originators work in New Jersey on commission. This might be a straight commission, some sort of draw against future commissions arrangement, or perhaps as salary plus commission.

New Jersey MLO employers who hire entry level mortgage loan originators understand that training and building a “pipeline” of business takes some time, so they may pay an initial salary.

Some jurisdictions in NJ require general licenses for any business operating there. To get a license, register your business with the New Jersey Department of Treasury.

Starting an independent mortgage brokerage business in New Jersey will require that you complete the process of obtaining a NJ Residential Mortgage Broker License for your company or yourself as a broker, and a Mortgage Loan Originator License which authorizes you to engage in mortgage loan origination activities.

New Jersey is a large, diverse, and highly populated state, and business conditions vary greatly between locations.

New Jersey is the 11th most populous US state with a population of over 9 million. Hence, there will always be a high demand for housing, leading to a need for residential mortgage loans. The sheer size of the residential housing market makes New Jersey a great place for the mortgage business.

First, think about your career goals before searching for a company in New Jersey to join as a Mortgage Loan Originator. 

Do you want to be a neighborhood lender, developing your source of business within a community or network? Or do you prefer the pace of a volume-driven phone bank where numerous leads crop up every day? 

After deciding on this aspect, search for and find MLO employers that fit your MLO career goals.